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>>> digging deeper. the search goes on for possible active faults beneath japan's nuclear plants. they could lead to permanent shutdown of several reactors. welcome to nhk world "newsline." inspectors from japan's nuclear regulation authority said a new nuclear power plan in the northern japan may be sitting on active seismic faults. a team of five experts concluded their two-day inspection at the higashidori plant in aomori prefecture. they concentrated on two faults in the compound. official from the plant's operator told the power company that a shift in the strata was caused by ground water. they say it wasn't the result of an active fault. investigators say they cannot rule out the possibility that the two faults are active. they say they will be able to come to a finding without additional surveys. the nuclear regulation authority says all members of the team share the same view. he says there's evidence that the faults have moved. officials with the authority will meet to discuss the matter next thursday. the electric plant say the faults are not located directly beneath t
>> digging deeper. the sesech goes on for possible active faults beneath japan's nuclear plants. they could lead to permanent shutdown of several reactors. welcome to nhk world "newsline." inspectors from japan's nuclear regulation authority said a new nuclear power plan in the northern japan may be sitting on active seismic faults. a team of five experts concluded their two-day inspection at the higashidori plant in aomori prefecture. they concentrated on two faults in the compound. official from the plant's operator told the power company that a shift in the strata was caused by ground water. they say it wasn't the result of an active fault. investigators say they cannot rule out the possibility that the two faults are active. they say they will be able to come to a finding without additional surveys. the nuclear regulation authority says all members of the team share the same view. he says there's evidence that the faults have moved. officials with the authority will meet to discuss the matter next thursday. the electric plant say the faults are not located directly beneath t
. >> japan's prime minister wastes no time on calling on the bank of japan to recognize support after a land slide win returning the dlp to power. >>> get a little, give a little, house speaker john boehner may be willing to raise taxes on the wealthy if president obama allows entitlement cuts in return. >>> and corporate news weighs on sentiment across europe. kpn shares fall after dividend and greco stocks plunges as analysts cut their outlook for the uk power group. >> okay. welcome. it's the start of a brand new week here on "worldwide exchange." and don't adjust your set, kelly and i are together. >> for once, for a day. >> but make the most of it because it won't be lasting. >> if only there were a slo-mo. >> i'm going to enjoy as much as i can of today. >> and likewise. and then we're going to have to get all of our u.s. voouers to find cnbc world because they could get three hours of you, carol and carolin for the rest of the week. >> whatever they can do. record it and fast forward to the good bits. >> yeah. >> it will be 2:00, 3:00 in the morning or whatever. >>> on today's show, p
avoid a recession in q4. >>> and japan's business sentiment sours in the fourth quarter. this reading comes two days before a nationwide vote that suggests it will hand the ldp position a landslide win. >>> we're going to give you all the latest results from the flash december data for the pmi for the eurozone that we're just getting out. the overall, the deposit is a touch stronger for the month of december. the details show the manufacturing weakened slightly and its services strengthened slightly. they are overall still in negative territory. and we're seeing the euro/dollar respond a little bit to the downside. down about 0.01% trying to fight back into flat on the day. 130.75 is the level there. again, the services pmi is at 47.8. compared with the 47 that was expected. it's a five-month high. the manufacturing pmi, 46.1. the manufacturing all told, 46.3. that's a bit under the poll of 46.6. with more on the reaction to these figures, we have rob doddson with us. rob, welcome. it appears ta stronger services may be weaker on the manufacturing relative to expectations, at least, b
>>> hello and welcome to "worldwide exchange." ross westgate is away. i'm kelly evans. japan's central bank boosts assets by another $120 billion. boj says it will discuss raising its inflation target next month. tech stocks fall in europe after ericsson unveils a swedish crown writout related to its loss chip venture. >>> reports say the intercontinental call is in talks to buy euro next. >>> and vows to continue the current government's battle against japanese territorial claims. >>> japan's central bank has decided to extend its asset purchase program to $120 billion. it will review the bank's stance on price stability next month. abe has been putting pressure on the boj to raise its inflation target to 2% as part of efforts to fight deflation. for more on the fallout or the impact here, let's talk to luca from asia pacific. you look like you're in mourning here, but it sounds like the bank of japan has delivered pretty much what the market was looking for the. >> yes. it was delivered in order to be seen as losing independence after the campaign, very aggressive campaign
in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here because the dollar/yen was lower. it has regained some ground in the last few hours or so. the kospi shedding about 1%. blame politicians in the u.s. and blame heavyweight samsung. this accounts for some 20% of market value on the kospi index. down 4%. that hurt the broader markets. this is, of course, because eu regulators are poised to excuse samsung of breaking competition rules and filing competition patent lawsuits against samsung. greater chinese markets, shanghai more isolated from global happenings and fiscal cliff
. >>> and japan's finance minister is saying other companies have no right to lecture japan on its currency policy instead calling for the u.s. to seek a strong dollar. >>> okay. welcome back to "worldwide exchange" this morning. let's take a quick check on trade as we close out the last full trading week of the year. not even a full week, but just one of the last trading weeks of the year. >> monday seems so far away. >> it's just kind of sticking out there, the 24th and 31st. european markets were closed for boxing day week. got back into trade yesterday. sort of a mixed bag across the board. u.s. markets were weaker and this morning europe is following the u.s. down that path. the ftse just a little bit lower. the xetra dax down by .1%. the cac 40 which was one of the strong performers yesterday giving up some of its gains. the ibex 35 underperforming. >> the penny stock not worth a whole lot so you have to take that into consideration. but yeah, drifting lower on the bond markets. today we have this italian debt auction which would be interesting. we've got rome offering somewhere in 2 to 3 bi
totalitarian culture in japan where a fascination await anyone who questioned the destiny of japan to all of asia, the remaining democracies in europe lacked the will to stop even the weakest of aggressors. when mussolini successfully crushed ethiopia, and none of the league of nations states oppose them, that's higher -- it was already dead. this of course was long before hitler invaded poland. a world war ii let me only but they say that what saved the world in our view was that the progressive liberal, new deal government of franklin d. roosevelt, most likely out of sheer desperation unleashed a productive power of free market capitalism to bury the acid towers in a tsunami of tanks, planes, and ships. anyone who's read my my books knows the statistics of pink slime just not far from where i teach, a tank was built from scratch in four and a half hours. henry kaiser's shipyard churned out a liberty ship in a record four and a half days. that's faster than most of my students can write one of their semester papers. this undergirded american military strategy of using weapons and technol
. erbe will be a clear win in japan. however big will the lead be and what influence tell have on the bank of japan. dollar and yen pressured by more q.e. talk. and aussillar three-month high. the prospect of q.e. boosting commodityets. canadian doing well. firm at 1.6122. we have more on the asian trading day out of singapore. >> reporter: hi, thank you, ross. most asian markets finished on a bright note. the shanghai composite recouped morning losses in positive territory. property stocks turned higher in the afternoon. stocks also rallied while investors await beijing's detailed plan on urban development. strengthening main line blue chips pushed the hang seng to a 16-month high. developers, industrials, and gaming stocks among the top gamers today. >>> in japan the country's october machinery orders not rebounding as strongly as expected. investors were still in the buying mood ahead of this sunday's election. the nikkei ended near an eight-month closing high with exporters rallying on the weaker yen. south korea's kospi gained ground despite north korea's rocket launch. au
.3 earthquake strikes japan's northeast coast. tsunami warnings have been issued. job growth in the u.s. are expected to have slowed significantly in november as hurricane sandy battered the economy. and euro hits a session low, 0.4% as problems in europe's periphery continue to weigh. a powerful 7.3 magnitude earthquake has struck across japan's northeastern coast. the quake rocked buildings as far as tokyo according to reports. u.s. geological survey said there was no threat in the wider pacific ocean. the yen has been rising to a session high before we got details of that. and right now, you can see dollar-yen at 82.39. 82.17 before that happened. some safe haven in-flows into japanese currency. if there was going to be a wave in terms of tsunami that was going to hit, it would have happened around five, six minutes ago and she had yet to see any specific drop or change in the sea level. so we'll hope that that continues on that particular way. atomic power says no irregularities seen at its nuclear plant. operations are normal after the quake. so we'll keep our eyes on that. and w
at this is basically something that you can ride along and freeload and let america and canada and japan handled? >> steve, your question -- >> i'm and freeload, by the way. >> that by the way is how the chinese would describe any relationship between japan and america. the interesting aspect of all these conflicts is that as india and china and india and china have a proximate geographically, but we've never been neighbors. >> right. >> in order to be neighbors you either have to love each other or hate each other. we have done neither. in fact, in 1962 during the first strategic conflict, between these two, you have to understand, it's hard to understand why we are not neighbors. [inaudible] in terms of inaccessible. but the positions, the lines, the strategies, the lines, what would they resonate to? the positions that are taken by postcolonial nations is that we will not be bound by decisions made by colonial powers. one, or in china's case, that we had to abandon our national positions. and now that we are strong, we need to resurrect them. right or wrong is not, that is very little to do w
. >> [laughter]. >> one of the things the book has done is opened their eyes to japan and japanese culture which is new to a lot of them. what are some of the more important aspects of japanese culture that you would want us to take away reading this book? we are fixated on figuring out who the samurai is we have ideas and we are trying to deconstruct the attributes of a samurai. in your opinion what would be useful for us to think about or focus on as we finish the book. we are a third of the way through it. >> one of those kind of questions [laughter]. i will tell you about an e mail i got this entire high school on the east coast is reading the samurai's garden. i started to get 30 e mails. they discovered through the website an e mail which would come directly tow me. i started to figure it out when all the questions were the same. they -- it was the questions which they had to write their essay on. one young woman wrote me and said, i don't know if i have time to read the book can you tell me who the samurai is and where the garredin is? [laughter]. i thought these kids are going to be oka
japan in the east china sea, cybersecurity and international diplomacy. this is an hour, ten minutes. >> welcome back, everybody. this session for miscalculation, china and the rise of confusion or confucianism. i'd like to hand over to steve clemens who's moderating this session. .. >> thank you all for joining us. when i was thinking about the title today and thinking about our panel, it occurred to me, and i went online to find a chinese event that is being held right now looking at u.s. grand strategy, canada, japan and india. there are no canadian, japanese americans or canadians on china's panel. don't have any chinese with us today but we should have a lot of fun discussing that our national strategies but involving in the asian pacific region and with china but i want to acknowledge that that voice wasn't with us today. that might give us more room to run. because we don't have a chinese voice on face, some years ago going to china and than the equivalent of the policy planning director and i said finally i can ask china but its grand strategy is. this is about 2004. and i sa
in tokyo, as well, to assess what options the bank of japan really has. policy will not be dictated by market opinion. we'll take stock of britain's progress towards deficit reduction, this ahead of the chancellor's autumn statement. senior fellow for international economics. will the numbers live up to the expectations. meanwhile, over in ghi narks the mainland's factories are crank out more goods at the fastest pace in month. >> chinese factories appear to be recovering. the hsbc pmi, a private gauge of manufacturing, and the government's official pmi, both show a steady improvement for the industry in november. the hsbc pmi final reading came in at 50.5, the quickest expansion in over a year. the industry saw a pick up in new orders as well as stronger exports thanks in part to christmas demand. the concern is about the the unevenness of the recovery. the sub indices for employment as well as small and medium sized companies ticked downwards and that suggested to some that the recovery is mainly led by investment in state-owned enterprises. a bigger worry is about the outlook for
commodity. it could be exchanged for silk in india and the silk exchanged for swords in japan, and those swords would be sold back in england and the whole thing would start again. so the ex-peasant who is now running the show on a small plot of land handed over to him by the landlord would be an entrepreneur. effectively, he borrowed money from the landlord in order to pay for three things. rent of the land, wages in the form of corn, to the ex- peasants who are now wandering in the countryside knocking on doors because they don't have direct access to land, and some machinery, shears for clipping wool. so land, labor, and capital could be purchased in advance of production, on the basis that the entrepreneur, ex- peasant has to the landlord. -- on the basis of the debt that the entrepreneur, ex-peasant house to the landlord. so debt comes first, then comes distribution of income in the form of a labor contract. it will work for so many hours and i will give you so much corn. then comes production. it was a combination of this reversal of the order from having production followed by a d
of a book it's a huge book, set in japan and covers the earth from 1939 and 1966 about 2 brothers and the title is a street of a thousand blossoms. if you haven't noticed we are talking about themes that run through my book. one of the things i like a lot is exploring subcultures. the lepercy. the silk working women. i like to write about groups of people who persevere and make a life on their own aside from what the general culture is doing. i find that i don't consciously sit down and do that but it happens. in this particular book something that has fascinated me is sumo and sumo wrestlers and how they get so big and what it's like in their culture. one of the brothers becomes an sumo and that's why it's a big book! [laughter]. >> do you think that -- being a woman who is in women have been oppressed -- i don't know if they are now or not, dou think that has stimulated you in your writing coming out of that? you specifically and in general, do you feel like a lot of women have been stimulated by being part of an oppressed class? >> good question. >> very much so. i will try
.3 magnitude quake hitting off japan in an area that does not neat incidents like these. new video buildings swaying and sirens wailing and men and women, children running for higher ground. a reminder of the massive quake and deadly tsunami hit the same area just about a year and a half ago. we'll drill down on that. good morning as we follow up as the earth started to shake earlier today. i'm bill hemmer. welcome to friday. martha: good morning everybody. i'm martha maccallum. last year's tsunami killed and left missing some 19,000 people. as you remember those unbelievable images we saw of the coast which was devstated. it also damaged nuclear power plants and created one of the worst nuclear disasters we've seen in history. bill: we held onto the story for a long time. japan today has canceled the tsunami warning which may be the best bit of news we heard so far. terrifying reminder may not be dismissed. david pipe every streams live out of southeast asia. what is the damage report in japan, david? >> reporter: bill, thankfully there hasn't been any serious damage reports. also no deaths
to southern europe. >> and then south korea's presidential election, yes, it's not just japan, and what to expect from the winner. >>> let's just plug you into where we are with this global market. more now on the global trading day in europe. 5-4 advances just about outpace decliners on the dow jones stoxx 600. most european stocks were up yesterday. the dax up 13 points. the dax, second highest close of the year, still up 27.5% for the year. right now, the ftse sound, the cac kron, closed at a fresh 52-week high. and the ftse is up 13 points despite falls from italian banks. let's show you where we are as far as the bond yields are concerned. we just check in. italian yields, 4.4% on the year. we'll show you the twos and tens, as well. i'll give you more on how that compares to where we closed yesterday. so the two-year, that's the low where we were yesterday. 10-year spanish yields, 5.581%. two-year yield, 2.35%, kind of where we were yesterday, too. and they're continue to go appreciateslide slightly from yesterday's close. as far as currency markets, 1.2880 was the two-week low on
. >>> and japan's nikkei 225 reaches the 10,000 mark for the first time in eight months. stocks rally after a widening trade deficit softens the yen and heightens expectations for more stimulus. >>> we are expecting to get the latest results from germany's survey any second now. in the meantime, i can can bring you news. for example, on industrial orders and sales in italy, orders flat on the month, down .2 on the month for sales and down nearly 5% on the year. so confirming some of the weakness that we know we've seen previously in the italian economy. meanwhile, another gauge perhaps for the euro as we look to the strength of it lately. that's the current counselor plus which in october was an adjusted 3.9 billion euros, up quite a bit from the 2.5 billion reported for september. now that also comes after -- a day after the european union's report suggesting that in fact the european union would have to run a surplus, given its poor demographics over the next couple of years. now let's get a quick preview of the news. for that we head to patricia, awaiting the results. what do we expect t
that a budget deal is closer. in asia, japan's nikkei rising above the 10,000 mark, wow, the first time in more than eight months. still a ways from 50,000. among the catalysts, expectations of more aggressive monetary stimulus from the bank of japan. the boj wraps up a two-day meeting with a policy announcement tomorrow. >>> the world bank in the meantime is raising its 2013 economic growth forecast for china and for developing east asia. the organization says that the region remains resilient despite the lackluster performance of the global economy. the world bank sees china expanding by 8.4% next year. it's expecting that it will be fueled by fiscal stimulus and the faster implementation of large investment projects. today's forecast is higher than an earlier one that was sited in a world bank report in october. 8.4%, not bad both if you can get it. >>> speaking of china, the united states is moving forward with plans to slap steep anti-dumping duties on wind turbine towers that are imported from china at prices that are deemed unfairly low. the news from the commerce department comes as u.s
in mining investment and the prospect of rising unemployment at home. >>> and finally, japan's prime minister told the governor of the country's central bank to consider adopting a the% inflation target. shinzo abe made that claim after meeting earlier today with masaki shirakawa. in the meantime, india's central bank has kept interest rates on hold despite government calls for an easing monetary policy. the rbi has indicated that it's likely to cut rates in the january to march period as inflation moderates. in response to that, the sensex still adding .6% perhaps on the news that more stimulus must be coming and the rupee is up 0.2 almost almost against the dollar. now, we have more details on this live from mumbai. lachsa, it sounds like a bold move by the central bank to hold steady despite calls for it to ease. well, the government has been calling for some time now for rate cuts, but the research bank has been throwing the ball back to the fiscal deficit so inflation would come down and they would be able to cut rates. but that was not the discussion at all at this point in tim
a bit. >> way back at the beginning of notlast century -, japan only occupy it, but every other great power had pieces of it. >> is a struggle between a feeling of being a victim, and agents superiority. >> it is an absolute contradiction. two sides of the same mind. in the end, a new sense of chinese confidence and a sense of respect from the world will help cure this historical the element. -- dilemma. this is the reason that your job is so hard, because sometimes people -- things we think are straightforward -- >> do you have a an example of that, something that was understood there as something you had to deal with and jump on? >> just for example, the dispute with japan on these islands, the chinese believe that the united states supports japan and puts japan up to the purchase of the islands simply because we have a treaty with japan. they believe that we therefore side with japan on the islands issue because we have a treaty that says we will come to the defense of japan. but we have defense treaties with many other countries. it does not mean that we agree with the actions of
on with the japanese elections? the new prime minister told the bank of japan we want more stimulus. guess who's meeting thursday? the bank of japan. japan's exports fall for the sixth straight month. you are going to see the bank of japan on thursday announce new stimulus measures. you're going to see efforts to weaken the yen. it's going to get even weaker. that is the old yen carry trade. that may be where some of this money is coming from to do the odd little trades that seem to be going on. out of bonds, into stocks, selling gold as well. i think that's a real factor here. what caught my eye this morning, there was a survey out saying the hedge funds is the most exposed to the market since 2010. a lot of people mentioned that and said, that is a contrary indicator, high levels of activity in the stock market for hedge funds, often a negative indicator overall. let me mention night capital. they are selling themselves to geico. i took two-to-one ratio. this is a good deal all around. you're going to marry the biggest, fastest traders out there, getco. you're going to marry that with knight
the sazian session? only one lady to tell us. >> thank you, ross. asian markets ended mix. japan's bourses outperformed the region. despite a slight improvement in november corporate sentiment showed weakness. knee sap finished lower as they planned to recall nearly 50,000 cars in japan. shanghai composite pulled back after yesterday's 3% surge. investors booked profit. property developments seemed to have legs. the hang sent also ended marginally in the red. hsbc came under pressure after reports say it may pay a $1.8 billion fine over the money dering scandal. in australia, strong jobs data failed to boost the market. the asx 200 finished lower by a quarter percent. sensex still in action now trading lower by 0.4%. back to you. >> all right. catch you later. apple had its worst day in four years dragging down the nasdaq. different story for the dow. at one point dow was up more than 100 points. the last time the index closed up triple dinlg et gains, the way back in may two 2. joining us for the first part of the program, nick khar. thanks for joining us. xetra dax up 52 week highs. whic
is not doing that well. not to talk about japan. so this has a slowdown effect which reverb rates on the growth of emerging countries. >> and i know when you see what's happening in italy, will this, the political developments in italy that cause more instability and less reform there, are you concerned that will have a further destabilization impact? >> no. i mean, i think it comes at a time where we are starting to see an exit, a crisis exist by europe. whether this will stabilize, i hope not. i mean, i think the italians are reasonably rationale. and they know what monti brought to them in terms of reducing the italian overprice on the market. and that's -- you know, that's big money. so it comes at the moment where, you know, europe was probably start to go exit the crisis. unfortunate, but the euro system i think now is stronger than it was a year ago. >> and we've seen a lot of change in the u.s. election as well as talk about whoever won whether there would be increased trade tension wes china.. we heard from tim cook last week and he was asked what would it take to make more products in
to japan, voters are heading to the poll on sunday. the major indicators suggest a win for the opposition party. the local media says there is still a large pool of undecided japanese voters. kari enjoji has more on this report from tokyo. >> reporter: 12 parties, some less than a month ole are fielding 1,504 candidates. but instead of being slow for choice, voters say i just don't know. polls suggest the prime minister's democratic party is unraveling, hinting that many first-time politicians that swept the party to a victory three years ago could be wiped out. >> it's quite possible that the cpj will sink from neing first or second but possibly to even third parties in japanese politics. >> the dpj's handling of the fukushima disaster and undelivered economic promises have alien ated many voters. if the liberal democratic party wins, shinzo abi could with the newest restoration governor. the emergence of these smaller parties could mean a messy transition period. >> my gut feeling is that possibly no single party will win the single majority in the next election. this is democracy. even
to that anxiety is that all? >> is the most problematic relationship now in japan and this is not good. i have to say i think japan probably hasn't played this as well as it might have, but i think on the other hand it would be fair to say also that it serves china's purposes to have something happening outside his orders which can rally people at home. there's a lot of complex things going on in each of these reactions to foreign movements outside. >> which makes your job complicated. i wonder if you go back to the news last week with the north koreans surprisingly, given reports of their technical difficulties but the long-range missile tests seem to fully back or not. >> we have been communicating with the chinese about the need to dissuade north korea from launching a missile. although they say for satellite into outer space it's using the same technology that's important, that would be used to launch a nuclear warhead. this type of missile technology is expressly covered under u.n. security council resolutions, prohibiting such testing of missiles and the type of technology, supported by
. over the past year, we reached a major agreements with japan to realign our forces and to really develop guam as a strategic kabul. -- hub. we have worked to strengthen cooperation with the republic of korea and we began a new marine rotational deployment to australia as well as increased air force cooperation. likewise we are deepening our engagement and developing rotational deployment with allies and partners such as singapore and the philippines and expanding our dialogue in exchanges with china. we are also an handed our presence and capabilities in the region. that includes -- expanding our presence and capabilities in the region. that includes allocating our naval fleet to have a 60/40 split between the pacific and atlantic oceans, increasing army and marine presence in the region. locating our most advanced aircraft in the pacific, including new deployments of f- 22's and the mv22's to japan. and lay the groundwork for the first overseas deployment of the f-35 joint strike fighter. the third element of our strategy is that as we do force projection in the asia-pacific and
in working with china as china came out of the cultural revolution. we have worked, basically from japan to australia, in deepening relationships for decades. i think the case has been that over the course of the last decade or so we have been very engaged in critical endeavors in the middle east and south asia. and i think there is a recognition now that as we responsibly wind down some of those commitments, that in many respects the lion's share of the history of the 21st century is going to be written in asia across the board -- strategically, politically, militarily. and the united states wants to be part of that. we are going to be part of that drama that plays out. now, we have stated very clearly that a critical component of that is a close working relationship with china. so when we engage, for instance, burma, we have our own history, our own motivations that are unrelated to other countries. so what we are seeking in our engagement is to underscore the positive-sum realities of what we want to accomplish working together. at every meeting we have with china's interlocutors, we
of all that, true. >> not such a crummy year for japan. japanese stocks rallying you can the yen continuing its slide against the dollar in all the major currencies, in fact. asian markets mixed overnight trading. the nikkei climbing to a closing level not seen since just before the march 2011 earthquake, marking a third day of gains, mostly drive bine hopes for a new stimulus policy. the yen is sitting closes to the lowest level since september 2010 against the dollar. interesting here because now a lot of people are saying the best or the hottest trade in 2013 will, in fact, be long japanese stocks and short the yen because what's different this time around, now there is an actual target, 90 is the target. we know where it is going to go. if they are able to weaken the yen to that point, it is a core roll lary stocks will go higher, exactly what happened with the united states, ben bernanke ease he can the monetary policy and the 14% gain in the stock market this year. >> seen the yen basically strangling japanese exports for so long. >> exactly. >> so you know, obviously i the
beyond to east of taiwan and japan and so on, first island chain they call it and they are developing specific capabilities to do that, highly accurate cruise and ballistic missiles that could potentially put our aircraft carriers at risk and building a lot of diesel and nuclear submarines, they have clearly been working on cyber and they have clearly been working on anti-satellite capabilities so those are some of the focused areas in which they are trying to be able to make, take advantage of our vulnerabilities. i worry that if their economy -- well, let me say, i think the only source of legitimacy for that regime is a steadily improving standard of living. if their economy begins to slow down and they can't do that, there is a lot of unrest in china today. i mean just to take one example, in social media, you know, there are thousands and thousands of demonstrations and riots in china every year, many of them in rural areas, well to paraphrase the old ad, it used to be that what happened this the village stayed in the village. >> rose: nobody knew? >> nobody knew, but now, it is
in the entire world. indeed, he was the guest of the scoutmaster of japan and many groups of scouts everywhere from tokyo to warsaw. other aspects of his journey emphasizes use. when he arrived back in copenhagen the two policemen had to hoist and through the crowd and carry him to the newspaper office. the juvenile from a climaxed during subsequent visits to england and france. in london he attended a gala luncheon with the head of the canadian pacific railway and even better he met sir robert powell, founder of the boy scouts. when he was in paris seesaw around the world in 80 days, a very popular stage version of the novel that had been playing for decades. he watched a copy of the novel being printed expressly for him down in gold and embossed with his name on the cover. he then met jules verne's grandson who escorted him to grandfather's grave. they're surrounded by local boy scouts he later wreath with the message in memory of jules verne, from his greatest admirer . avoided aviation in order to make some kind of point about their place in the world. bicyclist who were not from the weste
will be the last and full trading day of the year. in asia, japan and south korean markets are closed. the rest of markets look a little bit like this. here is europe to begin with. only a few markets are open there today. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to close out the year. the bond wall gives the sense for what kind of wall dominates. we're seeing bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading s
of the world's highest profile whistle blowers. michael woodford was president and ceo of japan's olympus corporation. his dream job turned in to a nightmare when he discovered the company had hidden more than $1 million in investment losses. he has a new book out called exposure. you had been at the company for a while but you were not the president and ceo. >> i'd been with the company for three decades. but became president on the first of april and was fired as president and ceo on the 14th of october. so 6 1/2 months. >> was it the previous ceo that orchestrated this? >> yes, he's admitted his guilt. >> and chairman was in cahoots? >> the former chairman and ceo became president. >> were you chairman, as well? >> no i wasn't. i was president and ceo. he remained chairman. he was known by many as the dr. evil character. and if you see his face, he looks like dr. evil and he was evil. >> it's hard to imagine. this is kind of a stunning story. just the idea that you could cover p broad losses. your problem was you looked and you saw the acquisitions that looked like ridiculous deals. ad
of china, japan, south korea, so what is your feeling, what is meant to have been. did you ask the u.s.. the ec, the south china, the sea of japan is in the 50's, 60's and 70's, all of these countries were internally focused. they were developing their own economies, their own national capacities, you know, their own military is. they're coming on line as a significant power in the 1970's, and it was under him that developed into a significant power. what's happened now is all these countries have developed. and because they have developed, they now have the ability to project power around words into the blue territorial soil that they claim. they didn't have this capacity before. so now we are seeing conflicts about islands in the geographical features that are below water and high tide that we never saw before. people say has everyone gone crazy in east asia? no, every once developed, and now they have military's command there's a conflict in -- and they've developed the navy and air force and there is this conflict and -- there's a conflict of for the geographical space. it's a ba
into orbit. leaders in wash washing, japan and south korea are calling for immediate consequences. even china is criticizing north korea's move. the three-stage ballistic missile was carrying a satellite which u.s. officials say is now tumbling out of control as it orbits around the earth. its purpose remains unclear. but officials say the rocket is similar in design to one that could potentially reach the united states, richard. >> forget about the satellite. this is essentially a long-range missile test. it's a question of when and not if north korea gets the capacity, among other things, to target the west coast of the united states. now, they still haven't figured out how to miniaturize their nuclear weapons and put them on top of that missile, but that day will come. so one thing we have is north korea continuing to be a bowl in a china shop. and all this talk of sanctions and consequences are just that. it's so much talk. china is either unable or unwilling to rein them in. meantime, you have china flying aircraft over disputed islands of japan. japan in response scrambling fighter jets
of japan, korea, vietnam, thailand, singapore, indonesia, burma; all of which represent the future of the united states in terms of trade, security and cultural growth in the coming decades. with respect to burma, there was a great moment for me to be able to sit down and see aung san suu kyi recognized by the congress a month or so ago, coming to this country as a member, an elected member of their parliament. we began the change in that relationship from our office, directly from our office based on work that i had begun and become interested in over a period of six years before i was elected to the senate. we, i'm very proud to say, laid the groundwork for the historic visit in 2009 from inside our office. often i would say against the will and against the advice of our own state department. we used validators. we talked to people we knew in the region. i became the only american leader ever to meet with general shui, leader of the military junta, to express my belief that we could work forward to have a different relationship. i met with aung san suu kyi, and i hope that those
is overplayed in what japan will ultimately deliver on. but mum is pretty good. i think you still play for a little yen weakness. i think we'll see a lot of people trying to buy yen back because i don't think we'll get delivery in all these preelection promises. >> do we all think we know what the chancellor is going to say? >> judging by the many pages being given to it in the newspapers, you feel like what else can he say? it's not going to be a day where you'll buy sterling aggressively because most of the news is going to be bad. we're going to have lower growth. potentially missing at least the underlying fiscal targets and rules. so it's not a great day for sterling. i think the bigger impact will be if the rating agencies get twitchy. then i think sterling will be a bit more vulnerable. but i don't think it's necessarily a story for this afternoon. >> we saw manufacturing came in slightly better than expect. so there risk to the upside from the pmi? >> maybe. it doesn't feel like pmis are really getting a grip on the market. we're not in a world where interest rates are going an
concluded. wherever he goes in the entire world. and indeed hold was the guest of the scoutmaster in japan and met groups of scouts everywhere who took him to warsaw. other aspects of his journey likewise emphasized his youth rather theatrically. when he arrived back in copenhagen triumphantly to policeman nevertheless had to hoist them into the crowd and carry him into the office. the juvenile drama drama climax has hold return during subsequent visits to england and france. in london he attended a gala luncheon with the head of the canadian pacific railway and even better he met sir robert powell, founders of voice scouts. when he was in warsaw around the world in 80 days of popular stage version of byrnes novel that had been playing for it decades, he watched the copy of the novel being printed expressly for him bound in gold and embossed with his name on the cover. holds then met jules byrnes grandson who escorted him to grandfather's grave. there, surrounded by local boy scouts he later read the message in memory of jules byrnes from his greatest admirer. adult world circles at at the
now. >> it did with hindsight, but you never know. >> you don't. >> but you look at japan, they never did what they needed to do. and here we are, we escaped the financial crisis and the money market, it looked like it was going to freeze up and the huge fortune 500 companies. we avoided that but we just keep -- it's like we think we're permanently okay from negative situations and i don't know if we are. things happen in this world. it's still tough, right? >> it is. but this is a very important topic. >> you borrow too much and sooner or later austerity is awful. but if you can't just keep the credit card going if your kid has -- if it's 50,000, you don't say here's another 50. i don't want you to tighten your belt. >> that's why in the final analysis i think the administration recognizes that and they're going to -- >> this administration? >> yeah, is going to come to the table on the entitlement cuts that need to happen to make the deal work. >> you were with him a couple days ago, right? >> with some of his top advisers. >> you can't say which one? >> a group -- valerie jarron an
for david? >> well, no. i want to talk about japan. i know our audience is carrying a lot more these days about the fiscal cliff, but we've got another cliff of sorts coming up in japan, the electrics sunday. everyone is expecting that abe follows in the footsteps of mr. draghi and europe and mr. bernanke here in the u.s. we can more yen printing, that weakens the yen. maybe american investors can make some money in japanese stocks. i'd be curious where you think the election is going. does it matter? >> i think the world has more possibility that your pen might change course as far as monitoring fiscal policy after the elections. but the japanese realize when you play with fire, you might end up burning down the house. jgb's nine times tier one capital, if they're not careful, they can trigger a run on jgb and the house base comes tumbling down. so i think actually the next government is tokyo will be a lot more cautious. i think the market is -- >> so we can get another huge disappointment. so everyone thinks the dollar/yen is finally going to go up, you can make money on the yen short
currency and commodity trading they're going to end early. in japan, indonesia, the philippines, they were all closed in europe. only the uk, french, dutch and spanish stock markets are open and they're going to be closing early. there are now only five trading sessions left in 2012. get your act together. stocks and bonds, solid gains so far this year. the dow has advanced 8% in total. the s&p 500 up almost 14%. the nasdaq has jumped 16%. it's been a good year. the end of the year also means we are just days away from the fiscal cliff, however, and that's the bad news. and looming tax hikes, spending cuts, all of that. both sides warning a very big deal becoming a bit more unlikely. >> and my one bit of advice to speaker boehner is this. you cannot pass a bill with just republicans. on a broad thing like this, you need both. and he has put himself with plan b and sort of an impossible position. he has to get these hard right goes to go along with him. and he and the president were going to say we're going to pass a deal with the majority of republicans and the majority of democrats in the
. europe, japan and russia are expected to continue declining economically. >>> standard charter reached at 327 dal million settlement with u.s. regulators for hiding the identity of iranian customers involved in dollar clearing transactions. the nearly three-year-investigation discovered criminal activity dating back to 2001. >>> boeing finalized a order for turkish airlines for 15, 777 extended range planes. the largest deal by value in turkish airline history. melissa: so is global warming to blame for hurricane sandy, right? former vice president al gore thinks so and blames president obama for not doing enough to fix it. >> it is causing these extreme weather events. dirty energy causes dirty weather. and we have to come to our senses and do something about it. i deeply respect our president. i'm grateful for the steps that he has taken but we can not have four more years of mentioning this occasionally and saying it's too bad that the congress can't act. melissa: but then, colorado state university researchers out today with a report that says hurricane sandy was not influenced by
. >> that is china, incorporated. >> the korette su from the '80s from japan, it is a powerhouse and it will be more on the world economic scene as we move forward. >> you know, the job creators, the 2%, they laugh at us over there. >> they don't laugh, they look at us warily, i think is more probably more appropriate. they also are taking steps in their banking system, we should point out. they've bailed out any bank, depositors have never failed to get their money. but they're trying to put in a -- according to "the new york times," at least, a deposit guarantee system as well for the banking system. >> sounds like all systems go there. >> we'll see if this continues next week. meantime, we'll talk apple debuting the iphone 5 in china today. the iphone news isn't preventing apple shares from falling in the market. cutting the price target to $700 from $780. he does maintain a buy rating and said apple needs to expand more geographically. it's not dead, it's not -- but it needs to find ways to innovate its products. we sort of saw this coming. steve had a caution note on apple a few weeks ago which
. land slide victory for the conservatives in japan. you know what the conservatives stand for? unlimited easing stimulus. the new prime minister is back in again. increase defend spending. increase infrastructure spending in japan. that's why the asian markets were up overall. did you see what was going on in shanghai index? up another 0 .5%. finally, did you see the airline stocks? nice upgrade at a couple of the firms there, upgrading the airline indexes, moving the last several weeks on better news overall. minimal impact from hurricane sandy. so they upgraded the airline stocks today. the coal stocks up, too, on talk over in barron's that coal would be in much higher demand over in china. guys, back to you. >> thank you, bob. >> let's go over to the bonds and dollars. how are you? >> good morning, jim. well, interest rates, once again, have trickled a bit higher. if you look at it in the context where we've been, basically held the bottom of the range. the pivot, 1.60. we talked quite a bit about how 160 was an important level. we have built on that as we've distanced ourselves, a do
, china number one followed by japan, bril disa, -- brazil, a assistant third. the cliff negotiations, speaker boehner's offer of a tax rate hike for those making more than a million a year, and speaker boehner reportedly also willing to postpone the debt ceiling issues for at least a year, unclear how. white house aides cite it as progress. joining us lou lehr man, american historian, and great american. >> great to be here always, lou. lou: this is wonderful to watch. the equity market responds at just the suggestion that the two men are actually talking, if talking by one another. what are your thoughts? >> well, the fear and trem ling -- trembling that's spread all over the country and the world about american falling off the cliff, and thus a recession in the united states, the biggest economy in the world, can cause a temporary spurt in activity; however, it shouldn't be forcen freeding this was the federal reserve's qe4 announcement, a trillion dollars in a single year, recreation of new money, money makes it go. lou: you are suggesting that a lousy extra $45 billion a month fr
will grow with the global economy here. but at the moment, because of the issues in japan and all the issues in the u.s., europe and particularly euro is the one to send out is the strong demand. this is something that european policies and that european companies will need to work with. >> next year, although the eurozone economy is stag nating, we do expect a recovery in the global economy to which europe corporate sector is very well levered. it's that recover in the global back drop which allows margins to rise a little bit in eurozone, gives some type line growth and overall profit growth we think of around 9%. >> standing out in 2013, the biggest uncertainty right now has to do with around the housing market in the united states. some people are increasing their belief that you're going to see growth in the housing market from, you know, previous estimates are like 1.5% to % or even 4%. that is the unknown. because as everybody knows, housing has so many secondary and tertiary effects, domino effects, positive effects on the u.s. economy. but if that's the case, if we have stabilized a
will grow faster. while the median age in mexico will be 30, 40, japan's median age will hit 52. america actually has an advantage here at 39. our median age will only be five years older than that of mexico's. trends don't ensure particular outcome, but it's clear that contrary to its global image, mexico's economy has momentum. it will be among the world's top ten economies by the end of this decade. smart reforms can build it further. the irony is that one possible impediment to mexico's growth could be the very country that is its biggest asset, the united states. if we slow down, so will mexico. but perhaps that can be avoided if washington's polarized factions could agree on a way forward. maybe we need to take some lessons from south of the border. up next, the inside story on a tough controversial decision. why the obama administration bailed out the auto industry. i'll speak with steve rapner, the president's lead adviser on the bailout. welcome to chevy's year-end event. so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [
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